reports
- Michael Driscoll
- Michael McTamney
U.S. Capital Markets 2Q23 Results: Elevated Trading Offsets Muted Inve...
This commentary reviews the 2Q23 results and outlook for U.S. capital markets banks. Key highlights include: • Consistent with recent quarters, strong trading results in Fixed Income and Equities offset weak investment banking revenue, which likely troughed in 2Q23. • Total net revenues were 15% higher than the pre-pandemic run rate and down only 10% compared to a very strong 2Q22. "Looking forward, the second half of the year remains unpredictable in our view, but we expect more normalized re...
C CITIGROUP INC.
CMC JPMORGAN CHASE & CO.
MSpE MORGAN STANLEY
MSTNL BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSPRGCL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MWD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
BACpD BANK OF AMERICA CORP GDR
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
CpJ GOLDMAN SACHS GROUP
C_pk INC.
C_ps THE
- Michael Driscoll
- Rebecca Clarke
DBRS Morningstar: U.S. Stress Tests Showcase Banks' Capital Adequacy
This commentary reviews the results of the Federal Reserve’s U.S. stress test, which highlighted banks' capital adequacy despite severe hypothetical economic headwinds. Key highlights include: •All 23 banks cleared the Federal Reserve stress tests and many have announced plans for capital distributions, mainly in the form of dividend increases, with more expected to be announced with second-quarter earnings. •Banks remained sufficiently capitalized in the stress scenario and capital levels were...
MTB M&T BANK CORPORATION
STT STATE STREET CORPORATION
BK BANK OF NEW YORK MELLON CORPORATION
PNC PNC FINANCIAL SERVICES GROUP INC.
C CITIGROUP INC.
WFC WELLS FARGO & COMPANY
CMC JPMORGAN CHASE & CO.
COF CAPITAL ONE FINANCIAL CORPORATION
WFC.LG WELLS FARGO & CO.
MSpE MORGAN STANLEY
MSTNL STATE STREET CORP
MSPRGCL STATE STR ADR
MSPRI CITIZENS FINANCIAL GROUP
MWD INC.
STTpC BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
STTpD BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
STT-PE BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
CIFI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
4136Z BANK OF AMERICA CORP GDR
BACpD WELLS FARGO & CO
BACpE WELLS FARGO ADR
BMLpL WELLS FARGO CO PFD.
BMLpJ CITIGROUP INC
BACPRYCL CITIGROUP INC PFD.
WFCpN GOLDMAN SACHS GROUP INC
WFCpO GOLDMAN SACHS GROUP
WFCpP THE NORTHERN TRUST COMPANY
WFCpQ PNC FINANCIAL SERVICES GROUP INC PFD.
WEFAL GOLDMAN SACHS GROUP
WLRGP INC.
WFC-PX THE
- John Mackerey
- Michael Driscoll
DBRS Morningstar: Federal Reserve Stress Tests Again Highlight CRE Ris...
This commentary reviews the Federal Reserve's annual stress test with a primary focus on commercial real estate (CRE). Key highlights include: •Positively, all 23 banks in this year's iteration cleared the Federal Reserve stress tests and would all be able to continue to lend supporting the economy. •This year's stress test included heightened stress scenarios, especially around CRE. Next to credit cards, CRE had the highest loss levels of any asset class. •Preliminary stress capital buffers (S...
MTB M&T BANK CORPORATION
STT STATE STREET CORPORATION
BK BANK OF NEW YORK MELLON CORPORATION
PNC PNC FINANCIAL SERVICES GROUP INC.
USB CITIGROUP INC.
C WELLS FARGO & COMPANY
WFC NORTHERN TRUST CORPORATION
NTRS JPMORGAN CHASE & CO.
CMC CAPITAL ONE FINANCIAL CORPORATION
COF U.S. BANCORP
USB4311502 WELLS FARGO & CO.
USBpO TRUIST BANK
WFC.LG MORGAN STANLEY
BBT STATE STREET CORP
MSpE STATE STR ADR
MSTNL CITIZENS FINANCIAL GROUP
MSPRGCL INC.
MSPRI BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MWD BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
STTpC BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
STTpD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
STT-PE BANK OF AMERICA CORP GDR
CIFI WELLS FARGO & CO
4136Z WELLS FARGO ADR
BACpD WELLS FARGO CO PFD.
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
WFCpN NORTHERN TRUST - PREF
WFCpO PNC FINANCIAL SERVICES GROUP INC PFD.
WFCpP US BANCORP
WFCpQ U.S. BANCORP PFD.
WEFAL BANK OF NEW YORK MELLON CORP
WLRGP TRUIST FINANCIAL CORPORATION
WFC-PX GOLDMAN SACHS GROUP
CpJ INC.
C_pk THE
- Michael Driscoll
- Michael McTamney
- Michael Driscoll
- Michael McTamney
- Michael Driscoll
- Michael McTamney
U.S. Capital Markets 1Q23 Results: Tumultuous Markets Boost Trading, D...
This commentary reviews the 1Q23 results for U.S. capital markets banks Key highlights include: •Capital markets net revenues remained outsized in 1Q23 driven by another robust trading performance, particularly in Fixed Income, which mitigated continued weakness in Investment Banking. •Total net revenues were still more than 30% above the pre-pandemic run rate and down only 13% compared to an exceptional 1Q22. •We expect volatility in financial markets to continue, which would likely keep cl...
C CITIGROUP INC.
CMC JPMORGAN CHASE & CO.
MSpE MORGAN STANLEY
MSTNL BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSPRGCL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MWD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
BACpD BANK OF AMERICA CORP GDR
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
CpJ GOLDMAN SACHS GROUP
C_pk INC.
C_ps THE
- Michael Driscoll
- Rebecca Clarke
U.S. Residential Mortgage Market: Market Structure and Regulations Lik...
This commentary reviews the U.S. Residential Mortgage Market and its associated risks for U.S. Banks. Housing prices in the U.S. have appreciated sharply in recent years aided by historically low borrowing costs prevalent during the early stages of the pandemic. Key highlights include: • Strong U.S. home price appreciation was fueled by high demand during the pandemic from low-interest rates and more workplace flexibility that allowed employees to work from home. • The U.S. mortgage market is d...
STT STATE STREET CORPORATION
BK BANK OF NEW YORK MELLON CORPORATION
PNC PNC FINANCIAL SERVICES GROUP INC.
USB CITIGROUP INC.
C WELLS FARGO & COMPANY
WFC REGIONS FINANCIAL CORPORATION
RF NORTHERN TRUST CORPORATION
NTRS JPMORGAN CHASE & CO.
CMC CAPITAL ONE FINANCIAL CORPORATION
BBT U.S. BANCORP
COF WELLS FARGO & CO.
USB4311502 MORGAN STANLEY
USBpO STATE STREET CORP
WFC.LG STATE STR ADR
MSpE BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSTNL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRGCL BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
MWD BANK OF AMERICA CORP GDR
STTpC WELLS FARGO & CO
STTpD WELLS FARGO ADR
STT-PE WELLS FARGO CO PFD.
BACpD CITIGROUP INC
BACpE CITIGROUP INC PFD.
BMLpL GOLDMAN SACHS GROUP INC
BMLpJ GOLDMAN SACHS GROUP
BACPRYCL NORTHERN TRUST - PREF
WFCpN PNC FINANCIAL SERVICES GROUP INC PFD.
WFCpO US BANCORP
WFCpP U.S. BANCORP PFD.
WFCpQ REGIONS FINANCIAL CORP
WEFAL TRUIST FINANCIAL CORPORATION
WLRGP GOLDMAN SACHS GROUP
WFC-PX INC.
CpJ THE
- John Mackerey
- Michael Driscoll
- Rebecca Clarke
U.S. Banks and NBFI Exposures: Regulatory Constraints and Responsive R...
This commentary reviews U.S. Bank exposure to Non-bank Financial Institutions (NBFIs). Key highlights include: • NBFI's comprise nearly half of all total global financial assets; U.S. banks have increased exposure to NBFIs as their exposure to the types of businesses done by the NBFIs has decreased, largely due to regulatory changes. • NBFIs include all institutions that provide financial services, liquidity, or credit but are outside the formal banking system, mainly since they do not take dep...
BK BANK OF NEW YORK MELLON CORPORATION
C CITIGROUP INC.
WFC WELLS FARGO & COMPANY
RF REGIONS FINANCIAL CORPORATION
CMC JPMORGAN CHASE & CO.
CMA COMERICA INCORPORATED
WFC.LG WELLS FARGO & CO.
MSpE MORGAN STANLEY
MSTNL STATE STREET CORP
MSPRGCL STATE STR ADR
MSPRI WELLS FARGO & CO
MWD WELLS FARGO ADR
STTpC WELLS FARGO CO PFD.
STTpD CITIGROUP INC
STT-PE CITIGROUP INC PFD.
WFCpN GOLDMAN SACHS GROUP INC
WFCpO GOLDMAN SACHS GROUP
WFCpP CREDIT SUISSE AG
WFCpQ BANK OF NEW YORK MELLON CORP
WEFAL REGIONS FINANCIAL CORP
WLRGP GOLDMAN SACHS GROUP
WFC-PX INC.
CpJ THE
- Michael Driscoll
- Michael McTamney
U.S. Capital Markets 3Q22 Results: Strong Trading Offsets Another Stee...
This commentary reviews the 3Q22 results for U.S. capital markets banks. Key highlights include: • Similar to the prior quarter, Fixed Income trading delivered exceptional results in 3Q22, which largely offset material declines across Investment Banking businesses. • Total net revenues declined 16% compared to an outsized 3Q21, but were still about 18% higher than the pre-pandemic run rate. • Looking ahead, we expect these trends to continue until there is at least some clarity around the e...
C CITIGROUP INC.
CMC JPMORGAN CHASE & CO.
MSpE MORGAN STANLEY
MSTNL BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSPRGCL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MWD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
BACpD BANK OF AMERICA CORP GDR
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
CpJ GOLDMAN SACHS GROUP
C_pk INC.
C_ps THE
- Michael Driscoll
- Michael McTamney
- John Mackerey
- Michael Driscoll
DBRS Morningstar: Federal Reserve Stress Tests Highlight CRE Risk
This commentary reviews CCAR and Commercial Real Estate. Key highlights include: • All 34 banks in this year's iteration cleared the Federal Reserve stress tests. • This year's stress test included heightened stress scenarios, especially around CRE. Next to credit cards, CRE had the highest loss levels of any asset class. • Preliminary stress capital buffers (SCB) have also been released with most banks remaining at 2.50%. “While the most recent round of Federal Reserve stress testing, sho...
STT STATE STREET CORPORATION
BK BANK OF NEW YORK MELLON CORPORATION
PNC PNC FINANCIAL SERVICES GROUP INC.
USB CITIGROUP INC.
C WELLS FARGO & COMPANY
WFC REGIONS FINANCIAL CORPORATION
RF NORTHERN TRUST CORPORATION
NTRS JPMORGAN CHASE & CO.
CMC CAPITAL ONE FINANCIAL CORPORATION
BBT U.S. BANCORP
COF WELLS FARGO & CO.
USB4311502 MORGAN STANLEY
USBpO STATE STREET CORP
WFC.LG STATE STR ADR
MSpE BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSTNL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRGCL BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
MWD BANK OF AMERICA CORP GDR
STTpC WELLS FARGO & CO
STTpD WELLS FARGO ADR
STT-PE WELLS FARGO CO PFD.
BACpD CITIGROUP INC
BACpE CITIGROUP INC PFD.
BMLpL GOLDMAN SACHS GROUP INC
BMLpJ GOLDMAN SACHS GROUP
BACPRYCL NORTHERN TRUST - PREF
WFCpN PNC FINANCIAL SERVICES GROUP INC PFD.
WFCpO US BANCORP
WFCpP U.S. BANCORP PFD.
WFCpQ REGIONS FINANCIAL CORP
WEFAL TRUIST FINANCIAL CORPORATION
WLRGP GOLDMAN SACHS GROUP
WFC-PX INC.
CpJ THE
- Michael Driscoll
- Michael McTamney
U.S. Banks: Good 2Q22 Results Amid an Unsteady Environment
This commentary reviews the 2Q22 results for U.S. banks. Key highlights include: • While the operating environment remains complicated and uncertain, U.S. banks performed well in 2Q22. • The quarter was characterized by strong, broad-based loan growth, higher NII and NIM expansion, mixed fee income trends and still pristine asset quality. • Looking ahead, we do not expect a significant amount of changes to our U.S. bank ratings in the near term, given that nearly 90% of DBRS Morningstar-rat...
MTB M&T BANK CORPORATION
USB CITIGROUP INC.
C WELLS FARGO & COMPANY
WFC JPMORGAN CHASE & CO.
KEY FULTON FINANCIAL CORPORATION
CMC COMERICA INCORPORATED
FULT CAPITAL ONE FINANCIAL CORPORATION
CMA U.S. BANCORP
COF KEYCORP
USB4311502 WELLS FARGO & CO.
USBpO MORGAN STANLEY
KEY4401029 BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
WFC.LG BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSpE BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MSTNL BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
MSPRGCL BANK OF AMERICA CORP GDR
MSPRI WELLS FARGO & CO
MWD WELLS FARGO ADR
BACpD WELLS FARGO CO PFD.
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
WFCpN ALLY FINANCIAL INC.
WFCpO US BANCORP
WFCpP U.S. BANCORP PFD.
WFCpQ GOLDMAN SACHS GROUP
WEFAL INC.
WLRGP THE
- Michael Driscoll
- Michael McTamney
U.S. Capital Markets 2Q22 Results: Stellar Fixed Income Trading, Weak ...
This commentary reviews the 2Q22 results for U.S. capital markets banks. Key highlights include: • Despite mixed trends, capital markets net revenues remained outsized in 2Q22 led by another exceptional trading quarter, particularly in Fixed Income. • Total net revenues were still more than 30% above the pre-pandemic run rate and down only 4% compared to a very strong 2Q21. • Given the still complicated and uncertain operating environment, we expect continued volatility in the financial mark...
C CITIGROUP INC.
CMC JPMORGAN CHASE & CO.
MSpE MORGAN STANLEY
MSTNL BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSPRGCL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MWD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
BACpD BANK OF AMERICA CORP GDR
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
CpJ GOLDMAN SACHS GROUP
C_pk INC.
C_ps THE
- Michael Driscoll
- Michael McTamney
- Michael Driscoll
- Michael McTamney
- Michael Driscoll
- Michael McTamney
U.S. Capital Markets 1Q22 Results: Exceptional Trading, More Normalize...
This commentary reviews the 1Q22 results for U.S. capital markets banks. Key highlights include: • Capital Markets results at the U.S. Peer Group in 1Q22 remained strong, with aggregate net revenues up 26% linked-quarter, which were only 11% lower than the record-setting 1Q21. • Performance was driven by exceptional trading results and continued strength in Advisory, which outpaced the impact of an industry-wide slowdown in issuance volumes, particularly within Equity Underwriting. • Impor...
C CITIGROUP INC.
CMC JPMORGAN CHASE & CO.
MSpE MORGAN STANLEY
MSTNL BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSPRGCL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MWD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
BACpD BANK OF AMERICA CORP GDR
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
CpJ GOLDMAN SACHS GROUP
C_pk INC.
C_ps THE
- Michael Driscoll
- Michael McTamney
- Michael Driscoll
- Michael McTamney
- Michael Driscoll
- Michael McTamney
U.S. Capital Markets 4Q21 Results Show Signs of Normalization, Capping...
This commentary reviews the 4Q21 results for U.S. capital markets banks. Key highlights include: • Capital Markets results at the U.S. Peer Group in 2021 exceeded our expectations. While 2020 saw each institution experience near-record-setting revenues across most businesses, 2021 was even better overall. • Looking forward, we would expect overall performance to eventually moderate during 2022, although we see it as more likely to occur in the second half of the year. “We note that IB pip...
C CITIGROUP INC.
CMC JPMORGAN CHASE & CO.
MSpE MORGAN STANLEY
MSTNL BANK OF AMERICA CORP. DEP. PFD. (REP. 1/1000TH INTEREST IN A SHARE OF 6.204% NON-CUM PFD SERIES D)
MSPRGCL BANK OF AMERICA DEP. SHS (REP. 1/1000TH INTEREST IN A SHARE OF NON-CUM PFD SERIES E)
MSPRI BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF NON-CUM PFD SERIES 5)
MWD BANK OF AMERICA CORP. DEP. SHS (REP. 1/1200TH INTEREST OF A SHARE OF FLTG RATE NON-CUM PFD SERIES 4)
BACpD BANK OF AMERICA CORP GDR
BACpE CITIGROUP INC
BMLpL CITIGROUP INC PFD.
BMLpJ GOLDMAN SACHS GROUP INC
BACPRYCL GOLDMAN SACHS GROUP
CpJ GOLDMAN SACHS GROUP
C_pk INC.
C_ps THE
- Michael Driscoll
- Michael McTamney
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